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Value of Russian assets frozen in Switzerland drops

Russia’s embassy building in Switzerland: a white building with a terracotta roof and a Russian flag flying outside. The building is behind a large black barrier that blocks most of the view of the building.
Russia's embassy building in Bern, Switzerland. Keystone / Peter Schneider

The value of Russian assets frozen in Switzerland has fallen by CHF1.7 billion ($1.9 billion) to CHF5.8 billion due to valuation losses on marketable securities.  

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Keystone-SDA

At the end of 2023, the value of frozen assets linked to sanctions against Russia totalled CHF5.8 billion, the State Secretariat for Economic Affairs (SECO) announced at a media briefing on Tuesday. This was a decrease of CHF1.7 billion compared to figures communicated in December 2022.  

+ The impact of Russia sanctions on Swiss banks

According to SECO, assets totalling CHF140 million were released as a precautionary measure. Clarifications revealed that the legal requirements for freezing these assets were not met. However, 17 other properties in seven cantons have now been frozen.  

In response to Russia’s military aggression in Ukraine, the Swiss government decided in February 2022 to adopt European Union (EU) sanctions.  

Adapted from German by DeepL/kp/sb 

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